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Friday, October 3, 2008

Today, Trans Energy ( TENG ) has issued a release today stating they have drillied their first Marcellus Shale well.

TENG announced today that it has begun drilling the Anderson #7H well in Wetzel County, West Virginia. The Anderson #7H will be drilled and completed horizontally in the Marcellus shale, a prolific new "resource play" in Appalachia, similar to the Barnett Shale which has grown to become a significant base of hydrocarbon reserves in Texas.

The Company plans to drill the vertical portion of the Anderson #7H well to a depth above the kick-off point and set casing. A second, larger rig will follow-on to drill the horizontal portion at a depth of approximately 7,000 feet. The company's current plan calls for keeping the rigs drilling continuously through 2009.

James K. Abcouwer, President and CEO of Trans Energy, said, "We have to-date successfully drilled four vertical Marcellus wells. Beginning a horizontal program is another significant step forward for Trans Energy to properly develop its acreage position in northern West Virginia. Our plans call for a combination of verticals and horizontals to optimize the recovery. This approach, along with the construction of our gas gathering pipelines with multiple interstate pipeline connections, is the heart of our development plan."

The company continues to expand its acreage position centered on the Wetzel, Marion, Marshall, and Doddridge Counties area, which it believes to be the heart of the most prolific Marcellus resource in Appalachia.

Today 10/3/08, Apple opened up higher...hitting a high of $106.50, and then tanked under $100 and hit a low of $94.50. This move took only several minutes on very heavy volume. A few minutes later, when CNBC talked live to someone at Google, Apple shot back up to the $103 level where it started.

Could this be the capitulation bottom the longs have been looking for? To me, that looked like a classic bottom but its way to early to tell.

This Nasdaq has gotten beat up lately thanks to the overall market and RIMM - Research in Motion earnings. However, there is a chance for a sharp year end rally given that the house passes the bill today.

Watch the QQQQ. Yesterday 10/2 it had trouble getting above $37.50....so if this level is breached, I think you could start to see a nice up move to $38.50. If $38.50 is taken out, you will start to see a major short covering rally going into earnings season.